Finances can get overwhelming. Worse is to have depression that exasperates the situation. It just starts to spiral out of control. Do you get up and go to work, do you stay in bed and just hope it goes away or fixes itself. We all know that bills continue to happen, it continues to happen on a regular basis and no matter how far we hide our head in the sand it just keeps coming.
As a mother of 3 young adults and 2 grandsons it becomes a struggle just looking at the amount I earn and wondering where does it all go? I always feel I don’t need anyone to be with and I want to be with someone for financial security. I guess I just need to earn more and more and more. If my kids are all self-reliant, I would be in a much better financial situation. I am not as bad as I was in the past. I do get things paid; however, I can’t go to the mall and buy a new outfit. I am in a constant turmoil over why I still am helping my young adult children. I have always been the type of parent that would never let them go without, some say this is an enabler, and I agree. However, I have also been able to be a bit more vocal on what they need to do on their own.
When I crunch the numbers, I know the mall is in my near future. When they don’t need my help, I will be able to look at my salary and understand the end is near and the savings will grow. I would say everyone take a breath don’t let depression creep in and take over the will to stay on top of your bills.
Some easy ways to help is keep a calendar up where you can see it. Hang up a white board and block out areas. Set up set monthly bills; Mortgage, electric, phone, etc. Set up revolving/installment debt; credit cards, loans, car, and other payments that have an end.
Take the revolving debt and each month pay off the credit card with the highest interest or pay off the lowest balance (with the highest payment) while the rest is paid with the minimum balance. As you pay off one credit card/loan then pay more on the next one until paid off. Continue the cycle until all revolving/installment debt is paid off. The biggest part to control is to put the credit cards away. They should not be closed out but put up until all revolving/installment debt is paid off. At this point utilize the credit cards enough to show up on your credit but pay the full balance off each month. Never go over 25% in utilization.
This is the hardest part about being debt free, financially secure, with depression is staying on task. The need to put away the credit cards if it will reoccur when you are depressed and want the high of shopping. These high lasts long enough to buy the items, see them at home, then when the bill comes the depression becomes worse. The cycle can be self-defeating and can send your credit into a spiral of negativity.
If you are depressed and find yourself in a downward spiral with your finances. Take steps to help yourself. The smallest step is a start. Get the calendar, get a white board, get financial guidance, and make sure you have money coming in. I was able to pull myself out of depression and have a better outlook on how I pay my bills. I hope you can as well.
There are many financial books on how to become dept free, you can get them at the library, book store, audio book, or borrow them from family and friends (if they have them available).